The Russian ruble is tumbling as oil falls to its lowest level since November

The Russian ruble is plunging again as oil prices nose-dive to their lowest level since November.

The petro-currency was down by 1.3% at 59.1836 per dollar at 7:50 a.m. ET.

Oil prices were under pressure on Tuesday, falling to seven-month lows, after reports of supply increases by key producers, including Libya and Nigeria.

Brent crude oil, the international benchmark, which the ruble has historically tracked closely, was down by 2.1% at $US45.96 per barrel at 7:51 a.m. ET.

WTI crude, the US benchmark, was down by 2.1% at $US43.48 per barrel.

Both benchmarks are down by about 15% since late May when OPEC and several major non-OPEC producers such as Russia agreed to extend limits on production until March 2018.

As for the rest of the world, here’s the scoreboard as of 7:54 a.m. ET:

The British pound is down by 0.5% at 1.2669 against the dollar after Bank of England Governor Mark Carney talked down rate hikes. He said he did not believe it was time for Britain’s central bank to raise interest rates, despite inflation climbing sharply above the bank’s target in recent months. He cited slow wage growth and consumer spending.

The euro is little changed at 1.1143 against the dollar after German PPI disappointed, falling by 0.2% month-over-month in May, below expectations of a 0.1% dip.

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